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post #1 of 47 Old 06-30-2003, 1:42 PM Thread Starter
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Re: I finally bought a house

Well, the property on which to build one, actually. A week ago the GF and I were talking to the Selling agent (with our agent) about building a house in their subdivision. We found a design we liked but the subdivision only had about 8 lots left, and that usually means those are the ones no one else wants. The Seller pointed out a lot that had a contingency hold on it and we took it look. It turned out to be perfect and, after we secured a contract on it, the contingent buyers backed out so it's ours. We have until next weekend to pick out our colors for the exterior and interior and then they start pouring the foundation.

I'm pretty excited!
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post #2 of 47 Old 06-30-2003, 1:49 PM
 
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Re: I finally bought a house

congrats ER!!!! that totally rocks!!! your not going to regret it!

Team Honda - well sorta...
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post #3 of 47 Old 06-30-2003, 1:51 PM
 
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Re: I finally bought a house

Yea that's really exciting.

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post #4 of 47 Old 06-30-2003, 2:06 PM
 
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Re: I finally bought a house

Congratulations, ER!

A couple of words of advice: Make sure you stay on top of things as the house is being built, and be a real stickler when it comes time to do the walk-throughs. Hit me with a PM if you ever have any questions.

-Pete

I'll try to be nicer when you start trying to be smarter.
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post #5 of 47 Old 06-30-2003, 2:14 PM
 
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Re: I finally bought a house

The number of toys can really start adding up when you finally have plenty space that is really your own. Air Compressor, bench grinder, big work bench, garage refridgerator, etc, etc,

Owning a house == a place to put your toys!

I want to teach myself how to weld, then I'm trully going to be dangerous.
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post #6 of 47 Old 06-30-2003, 2:36 PM
 
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Re: I finally bought a house

Congats!! You will get alot of pride out of your new investment. You said they were pouring your foundation. That's great! Slab houses suck. If you ever have to do any plumbing on a slab house, you need a jack hammer.

Ride Red
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post #7 of 47 Old 06-30-2003, 2:44 PM Thread Starter
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Re: I finally bought a house

It was a move that was long overdue. I'm tired of getting hammered once a month for rent and with the interest rates as low as they are now, I didn't have an excuse.

It's funny how they sell a new house like that. The base price for the house is $160k but don't expect to pay that. The display homes have about $20k in extras, of course, so you think you're getting a lot more than you really are. It's almost a crime. The house on which we decided has a really neat floor-plan but the two smaller bedrooms are tiny. So, we had them expand 2' around the house (from the garage all the way around the other side and we brought the garage out 2' more (adding space). We choose the nicest elevation for the front. We added ceiling fans/light hookups in all rooms. All told, we spent ourselves into about $185k worth of house but I think it's going to be worth it.

I've spoken with 4-5 families currently living in the subdivision and all said that they had a good experience with the builder, which is good to hear. The last thing I need to have to endure is a pissing contest with a stubborn builder. I plan on visiting the site regularly and, as mistakes and oversites occur (which I'm sure will happen) I hope to be able to resolve them without having to butt-heads at all. I had them write in the contract that I have permission to run speaker cable through the walls before the drywall goes up. I'm hoping this doesn't step on the toes of the union guys, which are notorious for not liking that sort of thing. Hey, I would have requested the right to run all wiring and what-not if I thought I could.

At any rate, I'm pretty excited. We're going to be moving West of O'Fallon (and about 50 miles West of St. Louis city) to Wentzville, a smaller city on the outskirts of St. Charles County that is exploding with new development. I think that after 5-10 years our house should be worth quite a bit.
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post #8 of 47 Old 06-30-2003, 3:15 PM
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Re: I finally bought a house

Congrats man!

Is a paradigm worth 20 cents?
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post #9 of 47 Old 06-30-2003, 3:29 PM
 
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Re: I finally bought a house

Congrats! What subdivision and builder? I've been thinking of heading towards Ofallon, but job situation is up in the air for now
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post #10 of 47 Old 06-30-2003, 3:50 PM
 
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Re: I finally bought a house

dont forget to wire it with cat5 jacks too.

"sorry I'm late, I had to stop by the wax museum and give the finger to FDR again" - Cotton Hill
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post #11 of 47 Old 06-30-2003, 3:58 PM Thread Starter
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Re: I finally bought a house

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Aychdot : Congrats! *What subdivision and builder? *I've been thinking of heading towards Ofallon, but job situation is up in the air for now
It's Autumn Valley Lakes in Wentzville and the Builder is Burkemper. O'Fallon (where I live now) is getting to be as expensive as West County and building a new house out there was almost too much. I think you'll get a lot more for your money in Wentzville.

SoCal, Bubba...everyone else: Yeah, I'm sure my garage will fill up with toys, but I have priorities. I've always wanted a finished basement with a theater in it so that comes first. I have the electronics -- I just needed a basement.
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post #12 of 47 Old 06-30-2003, 4:29 PM
 
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Re: I finally bought a house

Congrats ER! It's a great feeling just standing on land you know is yours. I have a few tips for you. You can NEVER have a garage that is too big! If you're not sure if you have enough room in the house, or that certain rooms may be too small, make the house bigger now. You can't just add on later, because the cost to do it later is 5 times as much. Make sure you have plenty of storage space. You will eat that stuff up like a dog on a beef steak!

I'm serious about these suggestions.

Oh, one last thing. If you know you are going to be adding something in the near future, do it now. Interest rates will never be this low again. Take advantage of that now, because you WILL ADD MORE THINGS TO YOUR HOUSE! My wife and I thought we couldn't afford to do many things at the time we built, and we are sorry we didn't do it when the house was being built. We ended up doing the things we wanted later, but had to make several monthly payments on the seperate loans. We then consolidated our debt later. If you do it now at these low rates, you won't have to pay thousands in closing costs to refinance future debt. You will also be able to pay off the debt at a low rate over a longer term. Don't get me wrong, we are happy with our home, but the cost down the road is always more than when you do it right the first time.

Best of luck to you! I hope everything works out just the way you want it to!


"War is an ugly thing, but not the ugliest of things. The person who has nothing for which he is willing to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself."- John Stuart Mill


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post #13 of 47 Old 06-30-2003, 4:43 PM
 
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Re: I finally bought a house

Cool. We just closed on our new house in March. Things I would look into having added:

1) Side access door in garage to outside, comes in very handy, don't have to keep opening the garage door to go outside

2) Extended driveway, we have a 2-car garage but enough room for 3 cars wide on the driveway, gives you plenty of space

3) Have a sidewalk poured from the side access door down to the driveway, comes in handy

4) Water spicket close to driveway for washing cars, etc.

5) Plenty of electrical outlets, especially in garage

6) Utility sink in garage w/ hot and cold hookups, invaluble, able to wash-up in garage without tracking dirt into house

That's all I can think of now.

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post #14 of 47 Old 06-30-2003, 4:51 PM
 
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Re: I finally bought a house

Quote:
CBRGuy : Cool. *We just closed on our new house in March. *Things I would look into having added:

1) Side access door in garage to outside, comes in very handy, don't have to keep opening the garage door to go outside

2) Extended driveway, we have a 2-car garage but enough room for 3 cars wide on the driveway, gives you plenty of space

3) Have a sidewalk poured from the side access door down to the driveway, comes in handy

4) Water spicket close to driveway for washing cars, etc.

5) Plenty of electrical outlets, especially in garage

6) Utility sink in garage w/ hot and cold hookups, invaluble, able to wash-up in garage without tracking dirt into house

That's all I can think of now.
Eveything he mentioned is extremely important. Also wire every room with Coax cable. You'll thank yourself later.

And if this is starting to sound like alot of stuff... Don't worry.








































It's only the begining. Good luck!!

Ride Red
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post #15 of 47 Old 06-30-2003, 5:32 PM
 
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Re: I finally bought a house

First let me add my congrats to the mix. This is one way to help solidify your future!!!!
Second, I may be the only dissenter here, but I would advise you to NOT do too many extras. Only put into the house what is necessary, and avoid personalising it too much.
Let me explain: This will be your first home, and you will want to sell it in 3-5 years. If you go with the standard stuff and neutral earthy-tone colors, it will be a LOT easier to sell and make more money.
If you have a home that you list for 10K or so more than a similar home in the area, you will have to make bigger concessions. People want to be able to make the house they purchase their home, and if you have already done so, they will just be thinking of how much it will cost to get rid of 'your stuff', and purchase the other house they saw that may not be as nice as yours but will cost them less to make 'their home'.
Yes, making your home larger will add value, be a big benefit for you and won't detract from the re-sale value. However, the 'personal touches' will detract from the re-sale value and make it take longer to sell.
I am dead serious when I say to take it easy on this house, and concentrate more on the extras that will actually help build equity so when you go to sell it in five years you will get more out of it. Then you can build the house you want.
I'm not exactly talking out my ass, either, as I have now sold five properties. Two were condos (easy as pie to maintain and sell) and the other three were houses. I still own and rent out two other condos and two houses, as I had used up all the 'games' for cap. gains taxes on selling properties. Now that the B.S. tax is finally reduced, I will be selling the others. One of the houses was the first one I bought and I put all kinds of touches on it. It was a pain in the ass to sell, and I walked away with less from it than the two that were plain and neutral. The condos both sold within two weeks of listing them.
Now you may not get as deep into the R.E. game as I did, but trust me when I say you will end up selling your first home within 5 years.
Sure I may be one of those that Dicky G. thinks just won life's lottery - taking no risks and not working to get where I am, but I'm trying to give you good advice here. (And I know you know Dicky G. is full of #### too).
If you have any questions, PM, e-mail or ring me up. I'd be glad to help.
Again, congrats on the big purchase.
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